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An Extension Case Study In Institutional Innovation: Microfinance Intermediary Formation, Mark A. Edelman
An institutional innovation process led by Extension created a statewide microfinance intermediary. The intermediary provides business technical assistance and microloans to entrepreneurs having difficulty securing conventional credit but having workable business plans. The process included (1) gathering indicators of a problem; (2) formation of a steering committee of relevant interests to study the concerns; (3) a search for alternative solutions and assessment of probable consequences; and (4) emergence of an institutional strategy for addressing gaps. A business plan was implemented over 5 years. The collaboration created new opportunities on multiple levels for Extension problem-solving impacts and outcomes.